What you will do

assess whether a client is eligible to borrow money for a house/property

explain mortgage options and bank offers to the client

advise on the structure of mortgages and loans

calculate mortgage repayments

explain the home-buying process to the client

liaise with the bank on the client's behalf

liaise with other parties, such as lawyers, valuers and real estate agents, on the client's behalf

complete application forms for clients

organise building reports and home valuations

organise insurance.

Skills and knowledge

Mortgage brokers need to have:

knowledge of the mortgage and home-buying process

knowledge of the different types of loans available

understanding of banks' home loan interest rates and mortgage-lending policies

an understanding of financial reports and statements

computer skills, including a familiarity with computer accounting programs

sales skills.

Working conditions

Mortgage brokers:

usually set their own hours according to the availability of their clients, and sometimes need to work evenings and weekends

spend most of their time working in an office environment

may travel to clients' homes or workplaces.

What's the job really like?

Maria Pereira

Mortgage Broker

Maria Pereira had worked a few different roles in banking before deciding she needed a change. "Mortgage broking appealed to me because it involves assisting people, and I could draw on the skills and experience I'd gained from working in a bank."

Closing a deal is the best part

Maria's favourite part of the job is closing a deal for her customers. "I always get a buzz out of helping clients, whether it's a first-home buyer or someone that's buying their tenth investment property. It's very satisfying to see the look on a person's face when their mortgage has been approved and they know they're going to get the house they really want."

Mortgage broking has its peaks and troughs

Maria admits that the job does have its drawbacks, particularly in times of economic doom and gloom. "There's a lot more hours, a lot more time advising people these days. A lot of people don't realise that the banks have tightened up credit, so it can be a bit of a challenge."

But even if they don't end up buying a house, Maria says she knows that the advice she's given still holds value. "To feel that I've done the best I could for the client gives me huge satisfaction. If you give people the time of day, they will remember you when they're ready."